Sterling Springs Limited - Accounts to registrar (filleted) - small 17.3
Sterling Springs Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| STERLING SPRINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2017 |
| STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 May 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| STERLING SPRINGS LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 May 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1 Rushmills |
| Bedford Road |
| Northampton |
| Northamptonshire |
| NN4 7YB |
| STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688) |
| BALANCE SHEET |
| 31 May 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 May 2017 |
| 1. | STATUTORY INFORMATION |
| Sterling Springs Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making |
| due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
| from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
| laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
| reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's |
| pension scheme are charged to profit or loss in the period to which they relate. |
| STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 May 2017 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2016 |
| and 31 May 2017 |
| DEPRECIATION |
| At 1 June 2016 |
| Charge for year |
| At 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| 5. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Raw materials |
| Finished goods |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | 1,685 | 1,685 |
| Tax |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 1,577 | 16,553 |
| Other creditors |
| Accrued expenses |
| STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 May 2017 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 2,500 | 2,500 |
| 9. | CONTINGENT LIABILITIES |
| The company has been given an unlimited multilateral guarantee in respect of bank borrowings by its parent |
| company, and Knight Strip Metals Limited and its subsidiary undertakings. As at the year end the potential |
| liability was £nil (2016: £644,718). |
| A contingent liability exists at 31 May 2017 as the company is registered as a member of Knuway Investments |
| Limited group for VAT purposes. At this date the group had a VAT liability of £1,341 (2016: £15,918). |
| 10. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately |
| from those of the company in an independently administered fund. The pension cost charge represents |
| contributions payable by the company to the fund and amounted to £12,980 (2016: £14,887). |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2017 and |
| 31 May 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| Other companies in which B W Knight is a director and / or shareholder |
| 2017 | 2016 |
| £ | £ |
| Sales | - | 10,167 |
| Purchases | 12,671 | 16,511 |
| Management charges | 30,600 | 28,000 |
| Rent | 28,000 | 28,000 |
| Amount due to related parties | 13,053 | 12,459 |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Knuway Investments Limited which is incorporated in England |
| and Wales. |
| There is no ultimate controlling party in the current or the comparative year. |
| STERLING SPRINGS LIMITED (REGISTERED NUMBER: 00530688) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 May 2017 |
| 14. | FIRST YEAR ADOPTION |
| The company has adopted FRS 102 for the first time in the year ended 31 May 2017. |
| The effect of the transition from the previous financial reporting framework to FRS 102 has been considered. |
| There has been no material impact in relation to the following: |
| - changes in accounting policies |
| - changes in shareholders funds |
| - comparative year profit or loss |
| On that basis, no restatement has been undertaken. |